Federal Budget 2017 Families

Finance Minister Bill Morneau delivered the government’s 2017 federal budget on March 22, 2017. The budget expects a deficit of $23 billion for fiscal 2016-2017 and forecasts a deficit of $28.5 billion for 2017-2018. Find out what this means for families.

Key points for families

Childcare: The funding could serve to create more affordable childcare spaces for low-income families.

Parental leave: Extending parental leave and benefits to 18 months, Parents who choose to stay at home longer, however, will have to make do with a lower Employment Insurance (EI) benefit rate of 33 per cent of their average weekly earnings, instead of the current rate of 55 per cent.

Caregiver benefit: Introduce a new caregiver benefit that’s meant to help families copy with illnesses and injuries.

Parents who go to school: Single, higher federal income threshold for part-time students to receive Canada Student Grants. Grants don’t have to be repaid.

Foreign Nannies: Waiving a $1,000 processing fee required to obtain a work permit.

About Jarrod

Jarrod Merkel is a Certified Financial Planner® who has been working in the financial services industry since 1996. With over 20 years of experience, Jarrod has attended and ran education events including the annual Independent Financial Brokers' summit, insurance company events and has trained many financial advisors.
Jarrod's experience is unique, his experience spans across the financial services industry, from working with the insurance companies to managing general agencies and teaching financial advisors, he is able to come up with effective solutions that help clients achieve their financial goals.